Author Archives: Forex Consult

In whatever field you are in or whatever interest that has captivated you, it is always great to hear about the most successful people in these fields. They can serve as inspiration and they also help show you that success is possible.

Let’s take a look at three of the best and most successful Forex traders.

George Soros

First of all, we have George Soros. He started his endeavors in the financial industry in 1954 as an employee in Singer & Friedlander, a merchant bank in London.

About 15 years later, her left his employee life behind with a wealth of information and experience. He then founded the Soros Fund Management group. The group managed hedge funds.

His name reached legendary status in 1992, when he garnered 10 billion by short selling pound sterling. Going against the United Kingdom, he eventually succeeded and gained close to a billion dollars. He was actually the first person to do so and holds the record for the highest earnings in a single day.

This victory earned him the nickname “The Man Who Broke the Bank of England.”

Paul Tudor Jones

Next up we have Paul Tudor Jones. Jones gained fame because of the prediction method that he had in 1987. At the time, he was looking at the volatile fluctuations of the market, especially the interest rates.

For the firm he has, he obtained as much as 15 percent of returns in the year 2013 due to his prediction method. He is also best known due to the film TRADER: the Documentary, which showcased the 1987 incident. If you haven’t seen the film or know about the incident, we suggest you check both out.

Stanley Druckenmiller

Finally, we have Stanley Druckenmiller. His success came about due to the German Mark’s fall in 1980. With diligence, he observed the situation and understood that it was quite undervalued. He took it as a sign to proceed to purchase it.

Most of our lives today are enabled and supported by the many applications (or apps) that can be easily enabled from the Android or Apple markets. If we want to exercise, there apps that provide exercises and even keep track of how many pounds that we have lost.

For aspiring writers, there are apps that share motivational quotes from writers and others that provide writing prompts that help people write.

This goes the same for trading in the Forex. There are a great number of apps that can help in the Forex trading endeavors. Let’s take a look at the top two apps for Forex traders.

Thinkorswim

The first app we’ll be looking at is called thinkorswim mobile. This is one of the most popular trading apps out in the market right now. It was actually created by a brokerage company called Ameritrade.

First and foremost, it can be used for trading in itself. It serves as a platform for your trading needs. Through the simple interface in the app, you are able to trade currencies, stocks, and more.

Apart from that, the brokers also upload charts and update it regularly. These charts can help you read the market better and make more informed decisions. There is also an area you can access that gives shows you the latest news from around the globe.

Monitor where you are at in the market, learn from current events, communicate with your fellow traders, and trade all through one app.

Trade Interceptor

Another good trading app in the market is Trade Interceptor. There are a multitude of option available to you. First you will have the ability to trade currency pairs. You can also trade commodities and binary options too.

There are also a host of technical charts on the app that you can use to learn more about the current market and apply it to your trading.

Perhaps one of the biggest and best features is how you can simulate trades to see how your strategies would go. These simulations use historical data.

All the people who are interested or participate in trading have one thing in common. It is gaining the most amount of money possible. Thus, people try to find the right market to trade where they have the right leverage and knowledge to do this.

However, majority of the people turn to Forex for their trading. In this article, we’ll be exploring several reasons why the Forex is the best place for you to trade. Let’s begin.

It’s Accessible

The first reason why people like trading in the Forex is that it is very accessible. It is actually the most accessible market in the world right now.

For 100 American Dollars, you can start trading in Forex. If you compare this money requirement with other markets in the world, you’ll find that this is actually quite reasonable.

Apart from the money requirement though, the accessibility of Forex lay in where you can access it. With a computer and internet access, you can easily open up your account. There is a registration process where you need to sign up, submit necessary documents, and make an initial deposit into your account.

Afterwards though, you are good to go. This accessibility makes it so there are so many people in the market.

Bonuses

When trading in the Forex, you will most likely do so with the help of a broker. The brokers have considerable leverage in the market that you can take advantage of when you sign up with them. Due to this leverage, a lot of big quality trades can take place for a minimum price.

Most brokers offer bonuses for signing up with them. This bonus will be deposited into your account. Apart from that though, they also offer promotions as well. One such promotion is that you can have withdrawable points for your trades.

It definitely adds some fun to the trades.

Support from Peers

The fact that there is so many traders in the Forex market means that there is a community out there. There are a lot of groups and communities that rally together in order to provide tips or insights that can help guide each other towards success.

It is easy to find experience people who can help you out with your Forex trading. S

Its Volatility

Perhaps one of the biggest reasons to trade is the volatility of the market. This means that it has a tendency to go up and down quite easily. This is favorable for traders as it is the primary way for traders to turn a tidy profit.

There are a lot of Forex trading platforms to choose from. MT4, MT5, Trade Interceptor, and the list goes on and on. But, how do you choose from the massive list of Forex Trading Platforms? Which platform is best for you? Choosing a trading platform can be incredibly difficult and a tedious process. There are many things to consider, platform functionality, charting types, indicators to choose from, which operating system that they work on, and the list goes on and on. In this article we tackle 3 of the best trading platforms available for Forex traders.

MetaTrader 4 (MT4)

No top Forex trading platform list would be complete without MetaTrader 4. This trading platform developed by Metaquotes software is the leading trading platform for Forex trading, with an estimated 80% of Forex traders using it. Metatrader 4 provides advantages associated with mobile trading and web trading, among other useful trading tools. Some of the benefits of the Forex trading platform MetaTrader 4 include:

The use of technical indicators along with interactive charts for financial analysis.

Highly customize-able charting and platform layout options. Traders can save their profile and templates, which allows them to move their chart setups from one computer to the next.

MetaTrader 5 (MT5)

The MetaTrader 5 platform was designed for multi-asset trading in 2010 by the same company that developed the MetaTrader 4 platform. While it is unlikely that you will find a broker that does not offer the MT4 platform, the same cannot be said for MT5. While it has gained in popularity in recent years the Forex trading platform MT5 has not had the same success as its brother MT4. At this stage there is probably only a couple dozen brokers that offer MT5, where as there are close to 4000 brokers that offer MT4. But, that does not mean this platform does not have it’s own benefits and advantages over other trading platforms.

Even though MT5 has a similar look and feel to MT4, MetaTrader 5 was designed to accomplish a certain task that MT4 was unable to support. In other words, MT5 was designed for a different market all together. MT5 allows traders to trade real on-exchange products such as Futures and Stocks. Even though the computer programming language is different from MT4, it still has a very easy to use programming language that allows traders to code their own automated strategies and indicators.

So, for traders who are looking to trade multiple assets from one trading platform, MT5 is an excellent option.

Trade Interceptor

Trade Interceptor was initially designed as a mobile trading app with advanced charting and technical analysis features. From there it expanded into a web trading application in addition to its mobile trading application. Recently, in 2016 a Forex broker, ThinkMarkets, purchased TradeInterceptor and has revitalized the platform to become one of the more popular ones for Forex trading. The platform has the ability to provide analysis of evolving trading patterns and opportunities with its advanced AI functionality. Some of the other key benefits include:

Split chart screen on the mobile application, which to our knowledge is the only mobile app that currently offers this.

So, when choosing a Forex trading platform you should remember these 3 top Forex platforms. But, most importantly it is important to choose a platform that you are comfortable with. Comfort is King. You want to make sure that you know exactly how the platform functions, because trading is a fast paced game. You do not want to be trying to figure out how to buy or sell in the market, or exit a trade in a fast moving market.

When trading in the Forex, it is important to select a broker. Brokers can help you through your trading process. Firstly, they possess the knowledge and guidance that can help educate you in trading and what you are supposed to do. Second, they also have access to software that allows for trades to take place.

Brokers do get a fee, but the benefits that you get are worth it, especially for those who are new to the trading game.

While there are a great number of brokers out there, the Forex Consult team would like to introduce a company that will help you with your endeavors. It is called Forestpark FX. They are a Forex Introducing Broker that focus mainly on helping Forex and CFD traders find brokerage solutions for trading.

Let’s check out three reasons why you should consider Forestpark FX.

Global Reach and Influence

The first thing that you have to know about Forestpark FX is the fact that their reach is global. Throughout the whole world, they have a group of companies in each region. These regions include Asia and the Pacific, Europe, Canada, the United States, and Latin America, and Africa.

This ensures that wherever you are in the globe, Forestpark FX can help you with your trading needs. It also speaks to the wealth of experience and information that this company has. The amount of insights and brokers that they can share with you will definitely help you out.

Various Features

Depending on the region that you select, the list of services and features available to you are quite different. Let’s take a look at some of these features.

For one, they have a wide number of brokers that you can choose from. They will also help guide you to choose the right broker for you. Apart from that, they also offer a cashback rebate that will help you out by decreasing the cost of your trading.

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They also have a team of coders that you can utilize. Right now, you are probably wondering how coders can help. These experienced programmers can help bring any ideas or algorithms you may have into reality.

These are only a few reasons why you should consider ForestPark FX. We do hope you find the right company that will introduce you to the broker that will change your lives for the better.

Trading is a tricky business. There are a lot of people who find success doing it though. This is probably why so many people join it. While people can start trading, only a few can really do it successfully.

Not to worry though, the Forex Consult team has your back. We’ll offer you a few tips that you can utilize in order to gain success in the world of trading.

Find a Forex Introducing Broker

For beginners who can’t make heads or tails about the trading business, your first order of business should be to find a broker. However, if you don’t know what a broker is, does, or why you need it, this may present a problem as well.

A broker is a company or group that helps you do trades. They are a group of people who offer their knowledge and insights on trading for you. They facilitate the trade with their software, and also advise you on when to buy and sell.

Thus, the best you can do is to find a good Forex introducing broker. These companies are not brokers in themselves, since they do not facilitate any trading on their end. Instead, they help people find the best brokers possible.

Make Peace with Small Losses

The second tip we have for you is to be alright when you have small losses. Once you have started trading, it is inevitable that you will lose. In all honesty, placing money into a trading account is already sort of losing.

Ensure that the money you will trade with is not needed for essential expenses. Once you do trade and lose, if you lose only a little amount, it is a victory.

This doesn’t mean that losing a little each time is a good thing. Minimized losses is still one of the best things to aim for.